"Much of the developed world, including the United States, is stagnating. The founder of economics, Adam Smith(1723-1790), had a term for this. He called it “the stationary state.” In his day it was China that looked stationary: a once “opulent” country that had simply ceased to grow. Smith blamed China’s unfavorable institutions—including its bureaucracy—for the stasis. He also noticed how the stationary state favored the super-rich and civil servants, leaving poor laborers to slide toward subsistence wages."
From Niall Ferguson, The Daily Beast
...The more they stay the same...
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